Tag: sanctions

Are you worried about business risks posed by global sanctions and anti-money laundering regulations? ThreatSTOP has partnered with FiveBy, a leading Risk Intelligence and Fraud consultancy with a team of sanctions experts, to offer an automated, customizable Office of Foreign Assets Control (OFAC) compliance enforcement solution that can be easily integrated into your existing network devices – including DNS servers, firewalls, routers, and even your endpoints. With One-Click Sanctions Compliance, you’ll gain access to comprehensive OFAC sanctions coverage which network enforcement solutions to now include sanctioned entities and their subsidiaries.

Navigating Compliance Challenges in a Changing World

 Businesses today face mounting challenges in safeguarding their firms amid an ever-evolving sanctions landscape. Rapid changes in compliance requirements, driven by geopolitical conflicts, impact internet traffic and business dynamics. Since the invasion of Ukraine, US sanctions on Russia have skyrocketed, with over 2,500 new Russian-related targets added to the Treasury Department’s SDN (Specially Designated Nationals) list. Engaging with these entities or their subsidiaries can lead to penalties, investigations, negative publicity, and business disruptions. However, identifying subsidiaries, scattered globally, requires extensive investigative and digital forensic research, intensifying the complexity of compliance.

To overcome these obstacles, compliance officers and businesses must adapt by identifying sanctioned entities and subsidiaries, and strictly enforcing all compliance requirements. Staying ahead of evolving sanctions and skillfully navigating compliance is critical to protect firm integrity and reputation.

One-Click Sanctions Compliance: Expertise Meets Technology

Introducing One-Click Sanctions Compliance: a powerful solution by ThreatSTOP and FiveBy. Automate compliance with sanctions regulations and protect your network effortlessly. The ThreatSTOP platform blocks machine-to-machine connections with sanctioned countries, entities, subsidiaries, and seized territories, preventing prohibited business engagements. Customize enforcement policies to fit your specific needs, allowing you to selectively block countries and sanctions regimes while enabling traffic on an entity-specific basis.

Save time and resources by automating compliance efforts, freeing you to focus on business growth. One-Click Sanctions Compliance provides data-backed evidence of your commitment to compliance, blocking and logging communication attempts to prevent violations. It offers internal and external network communications tracing for quick decision-making and action, enhancing your risk mitigation efforts.

Interested in instant sanctions compliance? Get One-Click Sanctions Compliance installed today.

Talk to an Expert

 

ThreatSTOP is a cloud-based automated threat intelligence platform that converts the latest threat and sanctions data into enforcement policies, and automatically updates your firewalls, routers, DNS servers and endpoints to stop attacks before they become breaches.

For more information, go to www.threatstop.com or contact sales@threatstop.com.

FiveBy is a leading Risk Intelligence and Fraud consultancy. ​When it comes to risk and fraud management, FiveBy’s industry experts bring strength and clarity to protecting our clients’ profits and managing their reputations. This can be done through one-time risk assessments, or ongoing managed services.

For more information, go to www.FiveBy.com or contact info@fiveby.com

Courtesy of kremlin.ru and licensed under the Creative Commons Attribution 4.0

The Organized Crime and Corruption Reporting Project (OCCRP), along with partners in the United States, the UK, and others, today published its first series of articles on the Rotenberg Brothers – close friends and enablers of Russian president Vladimir Putin. Boris and Arkady Rotenberg have been sanctioned by the United States since 2014, after Russia invaded and illegally annexed Crimea, and despite being sanctioned by the West, the brothers were able to maintain their luxurious lifestyles and move probably billions of dollars in assets all over the world using a complex web of intermediaries, enablers, shell and front companies, and secretive jurisdictions.

OCCRP’s investigative series is based on a new leak of more than 50,000 emails and documents from a Russian management firm that worked for the Rotenberg brothers.

FiveBy Director of Risk Intelligence, Irene Kenyon, is quoted in the first article of the series, “Leaked Emails Reveal How Putin’s Friends Dodged Sanctions With Help of Western Enablers,” highlighting that Cyprus is a jurisdiction that has been a popular destination for Russian elite to hide assets and establish secretive entities to help obscure beneficial ownership.

More reporting on the Rotenberg brothers will be published by OCCRP and its partners in the coming days.

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

To access FiveBy’s expertise on sanctions, money laundering, and other risks that can impact your business, please click below.

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FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

Recently, Director of Risk Intelligence Irene Kenyon was a guest on the first episode of the Highly Regulated Podcast with Stevie Cline.

What are the biggest compliance mistakes we see?

How can companies best mitigate their compliance risks?

Is your company too small to get caught violating sanctions or AML laws?

Will you catch the attention of regulators?

https://youtu.be/ysg9Gw_hv28

If you’re a new firm beginning operations or a company that would like help supplementing your compliance program with expert analysis that can provide in-depth insights into your risks and vulnerabilities without breaking the bank, please click below for a free consultation.

FiveBy IntelSentry

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

Konstantin Malofeyev; Credit: Lous Whinston/CC BY-SA 2.0, via Wikimedia Commons

Irene Kenyon, FiveBy Director of Risk Intelligence, was recently quoted in an article by the Organized Crime and Corruption Reporting Project (OCCRP) on a Cyprus firm that may have helped sanctioned Russian oligarch Konstantin Malofeyev evade sanctions.

Malofeyev was designated in 2014 for supporting Russian-backed separatists in eastern Ukraine. But the Cypriot firm MeritServus secretly continued to work with Malofeyev’s Cyprus shell company for nearly three years after that before dropping him as a client.

Why? Did the company, which at one time was part of accounting giant, Deloitte, update its watchlists and screening systems to ensure the latest designations were captured? Probably not. Were there alerts to warn of new sanctions? Did they react to those alerts? Did they screen against the new additions? Did they bother monitoring adverse media for the latest information about their clients? Did they bother updating their sanctions risk assessments? Had they even done one? It certainly sounds like the answer to all these questions was no.

Kenyon recalled tracking Malofeev’s finances as early as 2014, while she was at the Treasury Department.

“We had information about him funneling weapons and money to separatists in eastern Ukraine. If he can access the global financial system… to transfer money to these separatists, he is funding an insurgency,” she said.

“Those who are allowing sanctioned individuals and entities to transfer money are opening a gate for these malign actors to access the global financial system and corrupt it,” Kenyon noted, saying that MeritServus may have violated sanctions when it allowed Malofeyev to transfer funds in US dollars after he was designated.

The UK newspaper, the Guardian, also published a shorter version of the story, quoting Kenyon.

To access FiveBy’s expertise on sanctions, money laundering, and other risks that can impact your business, please click below.

FiveBy IntelSentry

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

FiveBy Director of Risk Intelligence, Irene Kenyon, on 27 February 2023 once again appeared on New Paradigms, discussing the one-year anniversary of Russia’s invasion of Ukraine and the state of the unprecedented sanctions imposed on Russia.

What has changed?

How has compliance changed?

How much more complicated will compliance teams’ jobs be with sanctions and restrictions on Russia growing?

Have sanctions against Russia been effective?

Watch the video below and contact FiveBy’s experts to get a free consultation and access in-depth analysis to help avoid regulatory, criminal, and reputational risk.

FiveBy IntelSentry

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

FiveBy Director of Risk Intelligence, Irene Kenyon, on 5 September 2022 participated in New Paradigms—a show that asked the question: Are sanctions still relevant in a multipolar world?

The answer is nuanced. Sanctions are effective foreign policy when done intelligently. They work when goals are specific, and the implementation and enforcement strategies are focused and multilateral. In coordination with our partners and allies, sanctions are most effective against illicit actors and states.

Irene also states that sanctions compliance in our volatile environment is getting more complicated and expensive, especially since the sanctions against Russia are of primary importance to the current administration. However, the best compliance solutions don’t have to be expensive, especially given the managed services cost. A mix of automation and human-driven analysis to interpret what is sometimes vast reams of data is the best option to implement a robust compliance program.

For our bespoke Risk Assessment Services that supplement data from automated sources, click below.

RISK ASSESSMENT SERVICES

 

Courtesy of Flickr

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

Irene Kenyon, FiveBy Director of Risk Intelligence, recently participated in a free webinar with Thomson Reuters on how US firms and financial institutions can best adjust to the volatile sanctions environment caused by Russia’s invasion of Ukraine.

Topics in this hour-long webinar include strategies to protect companies from regulatory risk, given the rapidly changing sanctions environment, with new designations being released almost on a daily basis, reputational risk, de-risking, and transparency that makes tracking illicit assets much less challenging.

Best advice 

Companies must examine their own risk appetites. What are their red lines? Are they willing to do business in Russia at all, given the sanctions  risks?

And if companies feel they cannot completely disengage from Russia, they must watch the regulatory and legislative developments and do proactive assessments about businesses that may be at risk of being sanctioned, about entities that may have connections with Russian oligarchs  who may be in danger of being designated, and know how much being involved with Russia will impact their reputations in the ESG sphere, which is becoming more and more critical for both clients and investors.

FiveBy experts are often asked to provide insights on risk-related news, industry trends, and other sanctions and money-laundering issues.

Irene Kenyon, FiveBy Director of Risk Intelligence, was recently quoted in an article by the Organized Crime and Corruption Reporting Project (OCCRP) on likely Iran sanctions evasion by a Dubai-based petrochemicals firm.

Irene Kenyon, a former intelligence officer at the U.S. Treasury Department and now director of risk intelligence at the consultancy FiveBy Solutions, agreed that Petrochem appeared to be evading sanctions.

“This does not look great,” she said. “At best, its leadership does not know what its employees are doing and is completely unaware of these violations, and that’s not a great look.”

Dubai-based Petrochem apparently had used several proxy companies and falsified documents to obscure that the ship had been loaded in Iran in possible violation of US and other sanctions.

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

Our very own Irene Kenyon, Director of Risk Intelligence at FiveBy is interviewed by Thomson Reuters in this timely article about how possible regulatory changes after the recent Treasury Department sanctions review can impact US financial institutions, the complexities of the increased use of more targeted sanctions, and the challenges posed by a sharpened focus on cryptocurrencies.

As always, being proactive is key.

“As the government focuses on more precise and targeted sanctions on specific issues, financial institutions and other U.S. firms will need to pay extended attention to possible targets and get out of the habit of simply screening against sanctions lists,” says Kenyon. “This change in sanctions strategy is going to require greater due diligence on the part of financial institutions. They really need to know their customers on a much more granular level, because that’s what Treasury is expecting.”

Inadequate sanctions screening and lack of proactive due diligence can bring all manner of risk to US financial institutions. FiveBy Solutions can help.  Need more information? Visit www.fiveby.com or contact us at info@fiveby.com.

FiveBy experts provide insights on news, industry trends, and possible regulatory and reputational risks around the corner.

Our very own Irene Kenyon, Director of Risk Intelligence at FiveBy is interviewed in this fascinating article by Thomson Reuters which discusses the complicated environment of sanctions compliance – a landscape filled with pitfalls that perfunctory screening tools may be insufficient to catch.

Unfortunately, the consequences for inadequate sanctions screening have never been more punitive. Regulatory scrutiny surrounding sanctions is stricter than ever and penalties for noncompliance can cost companies millions of dollars. Furthermore, a new presidential administration means U.S. sanctions are currently in a period of flux — a period, that is, when the possibility of an inadvertent sanctions violation is at its highest.

Inadequate sanctions screening can bring all manner of risk to companies involved in international trade. FiveBy Solutions can help.  Need more information? Visit www.fiveby.com or contact us at info@fiveby.com.